Americold Realty Trust (COLD) Investor presentation summary

Key investment highlights

• Global leader in temperature-controlled logistics real estate with a focus on high-quality, mission-critical warehouses.

• Integrated network and best-in-class customer service provide a significant competitive advantage.

• Strong food industry fundamentals drive stable demand across cycles.

• Experienced management and robust corporate governance support growth.

• Flexible, investment-grade balance sheet enables substantial internal and external growth opportunities.

Portfolio and operations overview

• Operates 239 warehouses globally, with 1.4bn cubic feet capacity and ~3,500 customers.

• North America represents 17.8% market share; presence in Europe, Asia-Pacific, and South America.

• 90% of revenue and 94% of NOI from warehouse segment; $2.67bn LTM revenue as of June 30, 2024.

• Integrated operations include storage, handling, transportation, and third-party management.

• Strategic locations and network breadth are fundamental to customer distribution optimization.

Market position and customer relationships

• Second largest global player in temperature-controlled warehousing with 5.7% global market share.

• Highly diversified by geography, commodity, and customer type, reducing revenue volatility.

• Long-standing relationships with top 25 customers, averaging ~37 years, with no customer over 6% of revenue.

• 60% of warehouse segment revenue from fixed commitment contracts, smoothing cash flows.

• Top 25 customers account for 51% of warehouse revenues; 88% utilize value-add services.